Breaking: Binance CEO CZ Announces FTX Acquisition To Save Liquidity Crunch

In a recent development, Binance CEO, Changpeng Zhao or popularly referred to as CZ announced on Twitter that they have signed a non-binding Letter of Intent (LOI), intending to fully acquire the FTX cryptocurrency exchange.

According to CZ, officials from FTX reached out to Binance as there was a significant liquidity crunch. In order to help cover this, Binance would be acquiring the whole of FTX.

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He further went on to add,

There is a lot to cover and will take some time. This is a highly dynamic situation, and we are assessing the situation in real time. Binance has the discretion to pull out from the deal at any time. We expect FTT to be highly volatile in the coming days as things develop.

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